My FKLI Technical Analysis (November 17 05)

Roll-over Week: No
Contract: Spot month - November 2005

Trend
Stage: 3

Yesterday
The price opened lower, moved higher, moved lower and closed higher as CI closed higher even DJIA lost 10.73 points.

Today
The price may open flat or lower as DJIA lost 11.68 overnight.

Candlestick
Ø There is a white candle after a long-legged white. It is bullish.

Support, Resistance, Trend-lines and chart patterns
Ø Candlestick support for Spot month: 879.5, resistance: 895.5
Ø There is a breakdown on a Head and Shoulder Top and followed by further breakdown and lower high and lower low.
Ø Trends: Stay Short because
o Immediate Trend: Down
o Medium Trend: Down after H&S Top Breakdown
o Long-term Trend: Down after Descending Triangle Breakdown
o The price broke a down-trend line..
o The price is below the resistance of 895.5.
Ø The price is below 200 SMA (breaks 200-SMA):
o 200-SMA: 900.54 (falling)

Trend-Following Indicators
Ø ADX (26 and rising). The market is trendy as ADX > 25.

Oscillators
Ø Stochastic %K (28.15 and rising) > %D (Start to rise). The price hit new low but the %K does not hit new low. There is a possible bullish divergence.

Volume +3.5 2238 (Average)